Emily Walker
Anthony Scaramucci, the founder of SkyBridge Capital and author of the upcoming book The Little Book of Bitcoin, has expressed confidence that a significant government investment in Bitcoin, potentially amounting to 500,000 BTC, is likely to be approved by the US Senate. In a discussion on the Bankless podcast hosted by Ryan Sean Adams, Scaramucci highlighted that key senators are preparing to propose a strategic reserve of Bitcoin, despite concerns over implications for the US dollar’s stability.
Could Trump Support Bitcoin Investment?
Scaramucci, who has close connections with various lawmakers, shared insights into the Senate’s current attitude towards a government Bitcoin purchase, pointing to strong endorsements for Senator Cynthia Lummis’ legislation. “They’ve got the votes. Hagerty wants it. McCormack wants it,” he noted. When asked about the likelihood of Senate approval for increasing the government’s Bitcoin reserves, he responded, “I do think so, yes.”
While Senator Lummis’ initial proposal suggested acquiring as much as one million BTC, Scaramucci argued the final deal might differ, suggesting a purchase of around 400,000 to 500,000 BTC could occur due to negotiation processes.
He also indicated that former President Donald Trump would be a crucial proponent of this initiative: “Trump wants it to happen and he’s got the Senate Banking Committee. Tim Scott wants it to happen—he’s going to be the chair of the Senate Banking Committee.”
A key point from Scaramucci’s commentary is the possibility of bipartisan agreement, even amidst criticism from prominent opponents like Senator Elizabeth Warren (D-MA) and Senator Sherrod Brown (D-OH) who have previously opposed pro-Bitcoin and crypto measures. He referenced previous legislation to illustrate this, noting that many Democrats voted for the SAB 121 Bill, highlighting a trend where younger Democrats tend to support Bitcoin, viewing it as “digital gold.”
Scaramucci contrasted Bitcoin with gold, indicating that the US has around $600 billion in gold reserves. He argued that allocating a portion of these reserves to Bitcoin—even possibly selling off some gold—could strengthen the US economy as it transitions to a digital framework.
“If Bitcoin is digital gold, and we have $600 billion of gold on reserve at our Federal Reserve Bank, you’re telling me we couldn’t put $750 million to $1 billion of Bitcoin on reserve? Is that what you’re saying?” he questioned, highlighting the feasibility of such an approach.
His perspective is not just about accumulating Bitcoin; Scaramucci cautioned that if countries like China secure Bitcoin reserves rapidly, the US could lose its strategic edge. He estimated the cost of acquiring 400,000 to 500,000 BTC could be around $70–$80 billion, a small fraction of a $6 trillion federal budget, equating to approximately 1–1.5%. This amount could be stretched over five years.
“If you put me in that seat and said, ‘Is it in the United States’ national interest to have a strategic reserve in Bitcoin?’ I would say yes,” he affirmed. He outlined three reasons for this belief: Bitcoin as digital gold, the younger generation’s immersion in the digital arena, and a perception that China may seek to acquire Bitcoin reserves.
Opponents of a US Strategic Bitcoin Reserve often raise concerns that such a move could diminish global faith in the US dollar, questioning its backing. Scaramucci, however, believes that maintaining technological competitiveness could actually bolster the dollar’s status:
“Maybe because I’ve been in the space longer, I think we’re further along,” he reflected. “We’re in a modern society. And Trump wants to make a statement. If we believe that the Chinese are going to move to make [Bitcoin] a strategic reserve asset, then what are we talking about? You’re talking about a small percentage of the budget to buy Bitcoin over five years, which could strengthen the dollar emotionally and put the United States on better competitive footing.”
At the time of writing, the price of Bitcoin (BTC) was $93,702.